Americas Gaming International Inc. receives $5 million from preferred stock offering.RENO, Nev.--(BUSINESS WIRE)--May 17, 1996--Americas Gaming International Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :AMGM) Friday announced that the company has received gross proceeds of $5 million from a private placement of 500,000 shares of its 10 percent Cumulative Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . Annual cumulative dividends of $1 per share are payable quarterly commencing July 1, 1996. Each share of the preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. is convertible at any time at the option of the holder into three shares of the company's common stock. Bill R. Williams, president and chief executive officer of the company, stated, "The proceeds from this offering will be used to acquire and install slot machine and video gaming video gaming n. 1. Gambling by means of interactive games of chance played on a video screen. 2. The playing of video games. equipment in Lima, Peru (500 machines) and in Namibia on the African Continent in accordance with previously executed gaming contracts, expand the company's operations in Costa Rica by installing additional machines, continue infrastructure development in South Africa and Mexico in anticipation of adoption of new gaming statutes in those jurisdictions and to develop a sales and marketing force to promote the company's business and explore opportunities in additional emerging gaming markets." "Additionally, the company plans to immediately apply for inclusion of the company's common stock on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market System," concluded Williams. Americas Gaming International Inc. provides gaming equipment and operates gaming device route operations worldwide. The company has contracts with hotel/casinos in Costa Rica, Peru and Namibia and has entered into a joint venture agreement to manage equipment route operations in South Africa. CONTACT: Kachina kachina (kəchē`nə), spirit of the invisible life forces of the Pueblo of North America. The kachinas, or kachinam, are impersonated by elaborately costumed masked male members of the tribes who visit Pueblo villages the first half of the Capital Corp., Phoenix 602/264-0018 |
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